Bitcoin traded within a volatile consolidation range this week, opening at a weekly low of $37,000, rallying to a high of $45,039, and then giving back the majority of gains, trading at $38,900. At the beginning of the week, on Monday, 7th of March, Bitcoin lost its footing above $40,000 and continued a downward trend which is not strange, given that the last two moves into the $40k-$44k had ended the same way. However, this third time, it came with a lower momentum, raising concerns regarding the ability of the digital asset to establish any semblance of support below this level. The asset had significant support at the $36k-$38k level but with the sell-offs and bears working overtime to pull down the price, expectations have skewed largely in favor of seeing Bitcoin touch below $30,000 in the near term,
On March 8, BTC/USD consolidated at lower levels as Bitcoin bounces above $38k. It pulls back after retesting the low $37,181. It traded at $38,628 as analysts believe the bullish momentum will extend and retest the $45,000 overhead resistance.
On the 10th of March, Bitcoin retraced significantly after recording an 8% gain on the 9th of March. BTC came under pressure falling more than 5% and falling below $39,324 within a market worth of $745 billion. The top currency fell to $39k caused by US President Joe Biden’s crypto executive order. BTC/USD declined below the moving averages as it hovers above $38k.
At the close of the week, Bitcoin price is overall still in a downtrend and could be set for more downside towards January lows. All will depend on where Bitcoin will open on Monday and the next steps for investors going forward.
Ethereum price action closed Monday trading session at the most bearish since December 13, 2021. Ethereum price was feared to liquidate with a brutal crash to $2,000. ETH price faced final test before capitulation move to $1,800 was initiated. Bears were initially unable to push ETH lower due to the shared support zone at $2,570.
On Tuesday, ETH/USD began a fresh increase as the price increased toward the 9-day and 21-day moving averages. It added a 2.38% gain towards the end of the day and traded at $2,550. Ethereum price printed its lowest daily close in the last 30 days as it failed to find support on all monthly Fibonacci retracement ratios. It exchanged hands at $2,583 on the 9th of March which suggested more consolidation from the token is needed before the bears can ultimately grab liquidity lying under the previous monthly low at $2,300.
However, before the end of Thursday’s trading session, Ethereum’s price action shows a strong continuation from the previous day’s bullish action. It increased towards $2,830, despite a few bearish elements forming a cap. But on Friday, it plummeted as traders fear the pressure might bring its value to as low as $1,825. On Saturday, Ethereum’s price posted a nearly 2.7% drop as proponents believe that the altcoin could suffer from a consistent drop in price as the selling pressure on the altcoin increases.
Ripple Price action opened in a very undesirable position, at make or breakpoint, as bulls eye to retest $1. XRP price showed bulls in temporary control during the Monday trade session. On 8th March, XRP price upside capped at $0.80 and on 9th March, the price hinted at a bullish breakout towards $0.91.
Since XRP price collapsed from the all-time high, it appears to have developed a descending parallel channel that has provided support. The first three days of the week close above the channel’s median trendline has mostly resulted in additional price spikes of at least 20%
On February 9, XRP price surged by 39% in just one day. Such a significant bullish impulse appeared to have been triggered by stop-loss orders placed precisely at the channel’s median trendline. Starting the week of February 9, a sell-off occurred, which sent the XRP price back into the previous support levels. Investors wasted no time to add more tokens at a discount to their position while prices consolidated above crucial support.
On February 10, XRP price consolidated above a $0.687 to $0.705 demand zone. XRP price action clearly showed an extended period of consolidation followed by a breakout and continuation of this. XRP price began its consolidation after rallying 26% between February 24 and 26. Since then, Ripple has been stuck trading in a range, indicating a lack of volatility and a potential accumulation.
On February 11, an 8% breakout occurred breaching the $0.80 resistance level. The break above the previous swing high at $0.80 suggests the bulls are in complete control and could take out liquidity in the $0.90 zone.
At the opening of the week, Cardano began seventh consecutive month of losses, ADA weekly closed lowest since February 2021. Cardano price prepped for a capitulation move of 60% to the $0.35, returning to January 2021 price levels. It displayed extensive weakness and continued bearish price action.
On February 8, Cardano’s price remained in a downtrend for 197 days, sitting 75% below all its all-time-high. Cardano’s price continued to decline without any signs of a market bottom. ADA price continued printing lower lows even after the sell-off seen on January 18.
Cardano price action made a solid turnaround as bulls rallied toward $1.00 on February 9. ADA prices had been on a turnaround since February 8 as markets focused on continuous peace talks, and Ukraine was willing to step away from membership with NATO. It was speculated that the price action was set to pop around 10% on February 9, with 6% gains booked during the ASIA PAC and the European session.
However, Cardano prices started to slide lower despite record accumulation on Friday. Cardano price continues to be one of the worst-performing major market cap cryptocurrencies. While a good amount of March remains to be traded, thus far, ADA is on its way to completing a record seven consecutive months lower.
ADA price action is set to book another week in red prints as the Ukrainian war continues for another week. At the end of the week, ADA bulls are nowhere to be seen as solid entry levels are not yet presenting themselves. Analysts expect bears to sit in this trade until at least some profit-taking will be triggered at $0.715 double technical bottom.
At the opening of the week, Solana prices capitulate close to $50 as buyers avoid risk-on assets. Solana’s price remained in a downtrend after the 40% sell-off it experienced in late January. Analysts believe branching the $81 support level could result in a steeper decline. However, bears managed to maintain control of the price action as the first retest of the broken trend channel was successfully led to rejection on February 10.
On March 9, Solana’s price action was on the cusp of making a solid recovery as tailwinds grew exponentially since February 8 across markets. Solana brought back the bulls after a long absence since the excursion of Russia in Ukraine started. With the bulls very active on the buy-side, absorbing almost every offer in sight, buyers expect the uplift to trigger a 15% profit at $95.
On March 10, Solana’s price gained momentum to break past $100. It remained one of the more volatile digital assets in the crypto market after opening and closing market sessions between $80 and $100 for several weeks. This is why analysts believe any wicks on Solana price below $71 should be considered buying opportunities.
Avalanche was on a decline in the previous week. The price of Avalanche fell by 5.69% in the last 7 days. It declined by 1.82% in the last 24 hours of the week and opened with 0.13% at the rate of $70.57 per AVAX going into the new week.
Tether was on the rise in the last concluded week. The price has risen by 0.01% in the past 7 days and it is currently exchanging hands at $1.0003 per USDT. However, Tether is still 18.01% below the all-time high of $1.22
USD Coin price is unchanged in the past 7 days. It still sells at $1.00 per USDC which presents a new all-time high.
BNB has been on a downtrend this week. BNB price has plummeted by 3.07% in the just concluded week. The price declined by 1.76% on Saturday and the downtrend was carried over into the new week at 0.26%. The current market price is $371.033 per BNB which is 45.30% below the all-time high of $690.93.